Cablevisión Holding announces its Full Year and Last Quarter 2023 Results
In This Article:
BUENOS AIRES, ARGENTINA / ACCESSWIRE / March 11, 2024 / Cablevisión Holding S.A., ("Cablevision Holding", "CVH" or "the Company") (BCBA:CVH)(OTC PINK:CVHSY), controlling shareholder of Telecom Argentina S.A. (NYSE:TEO)(BCBA:TECO2), announced today its Full Year and Last Quarter 2023 Results. Figures have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in constant Argentine Pesos ("Ps." or "P$") as of December 31, 2023, unless otherwise indicated.
The Company's Management has applied IAS 29 (inflation adjustment) in the preparation of these financial statements, following the provisions of Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV").
CVH Highlights (2023 vs. 2022):
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Total Revenues reached Ps. 2,059,101 million, a decrease of 9.3% in real terms as of 2023, compared to the same period of 2022, in a context in which price increases for our services in 2022 and the first nine months of 2023 weren´t sufficient to compensate for the increasing inflation (211.4% interannually as of December 2022).
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Total Costs (Excluding Depreciation and Amortization) reached Ps. 1,481,403 million, a decrease of 10.1% in constant currency, driven by lower costs on all items.
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EBITDA reached Ps. 577,698 million as of 2023, a decrease of 7.1% in real terms compared to 2022, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a increased EBITDA Margin of 28.1% in 2023, compared to 27.4% in 2022.
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Consolidated Net Loss amounted to Ps. 246,829 million. Consolidated net loss attributable to the Controlling Company amounted to Ps. 99,525 million.
FINANCIAL HIGHLIGHTS
| (millions of Ps. in constant Currency as of December 31, 2023) | 2023 | 2022 | % Ch. | 4Q23 | 3Q23 | 4Q22 | QoQ | YoY | ||||||||||||||||||||||||
| Total Revenues | 2,059,101 | 2,270,728 | (9.3 | %) | 479,044 | 511,069 | 550,498 | (6.3 | %) | (13.0 | %) | |||||||||||||||||||||
| EBITDA (1) | 577,698 | 622,180 | (7.1 | %) | 123,186 | 152,184 | 130,032 | (19.1 | %) | (5.3 | %) | |||||||||||||||||||||
| EBITDA Margin (2) | 28.1 | % | 27.4 | % | 2.4 | % | 25.7 | % | 29.8 | % | 23.6 | % | (13.6 | %) | 8.9 | % | ||||||||||||||||
| Net income | (246,829 | ) | (525,522 | ) | (53.0 | %) | (378,958 | ) | 48,421 | (43,382 | ) | (882.6 | %) | 773.5 | % | |||||||||||||||||
| Attributable to: | ||||||||||||||||||||||||||||||||
| Equity Shareholders | (99,525 | ) | (313,600 | ) | (68.3 | %) | (148,152 | ) | 17,463 | (17,783 | ) | (948.4 | %) | 733.1 | % | |||||||||||||||||
| Non-Controlling Interests | (147,304 | ) | (211,922 | ) | (30.5 | %) | (230,806 | ) | 30,958 | (25,599 | ) | (845.6 | %) | 801.6 | % | |||||||||||||||||
(1) EBITDA is defined as Total Revenues minus operating cost and expenses (excluding depreciation and amortization). We believe that EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies based on operating performance, leverage and liquidity. Nonetheless, EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute EBITDA in a different manner; therefore, EBITDA as reported by other companies may not be comparable to EBITDA as we report it.
(2) EBITDA Margin is defined as EBITDA over Total Revenues.